两部门发文恢复征收国债等利息收入增值税，场内唯一长久期地方政府债ETF——10年地方债ETF（511270）昨日“吸金”超7000万元

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced the restoration of value-added tax on interest income from newly issued government bonds, local government bonds, and financial bonds starting from August 8, 2025, while existing bonds will continue to enjoy tax exemptions until maturity [1] Group 1: Policy Changes - The new policy adopts a "new and old segmentation" approach, allowing existing bonds to maintain tax benefits until maturity, which is expected to facilitate a smooth implementation of the policy adjustment and support the healthy development of the bond market [1] - After August 8, 2025, newly issued bonds will face interest value-added tax, which may lead to a need for interest rate compensation for new government bonds, making existing bonds more attractive [2] Group 2: Market Impact - The 5-year and 10-year local government bond ETFs are efficient tools for quickly allocating local bonds, inheriting the tax advantages of existing bonds while addressing liquidity issues through ETF trading characteristics [2] - The 10-year local government bond ETF (511270) has shown a 5.29% annualized return over the past three years and is the only long-duration local government bond ETF available in the market [2] - The market may see a "long old bonds, short new bonds" strategy as a response to the new tax policy, indicating a potential shift in investor preferences [2] Group 3: Investment Strategies - In the context of a weak macroeconomic environment and asset scarcity, a barbell strategy has been favored, with increased participation in long-duration bonds [3] - Current valuations for 30-year local government bonds are at historical median levels, suggesting continued investment value, while short-term rates may face challenges in declining significantly [3]